Tenet Healthcare Corporation (THC) Cash Flow Statement
Where THC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.54B +72.9% vs 2024
- Capital expenditures
- $1.01B 4.7% of revenue
- Free cash flow
- $2.53B 11.9% margin
- Returned to shareholders
- $1.44B 57% of free cash flow
- Change in cash
- −$136.0M cash at year-end $2.88B
Cash from operations
$3.54B
Capital expenditures
−$1.01B
Acquisitions & other
−$268.0M
Share buybacks (net)
−$1.44B
Net borrowing (repayment)
−$96.0M
Other financing
−$868.0M
Change in cash
−$136.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
THC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
THC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $558.0M2016 | $3.54B2025 | +22.8%/yr | |
| Capital expenditures | $875.0M2016 | $1.01B2025 | +1.6%/yr | |
| Free cash flow | −$317.0M2016 | $2.53B2025 | — | |
| Free cash flow margin | −1.6%2016 | 11.9%2025 | +13.5 pts | |
| Operating cash flow / net income | 3.172016 | 2.522025 | −0.65 | |
| Stock-based compensation | $68.0M2016 | $104.0M2025 | +4.8%/yr | |
| Dividends paid | $218.0M2016 | $560.0M2022 | +17.0%/yr | |
| Share buybacks (net) | $160.0M2016 | $1.44B2025 | +27.6%/yr | |
| Capex / revenue | 4.5%2016 | 4.7%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THC cash flow by activity
OperatingInvestingFinancingChange in cash
THC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
THC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.41B | $4.06B | $1.31B | $1.00B | $1.48B | $768.0M | $171.0M | $459.0M | −$320.0M | $176.0M |
| Depreciation & amortization | $863.0M | $818.0M | $870.0M | $841.0M | $855.0M | $857.0M | $850.0M | $802.0M | $870.0M | $850.0M |
| Stock-based compensation | $104.0M | $67.0M | $66.0M | $56.0M | $56.0M | $44.0M | $42.0M | $46.0M | $59.0M | $68.0M |
| Change in working capital | −$44.0M | $136.0M | $71.0M | −$1.14B | −$737.0M | $1.59B | −$318.0M | −$364.0M | −$1.50B | −$1.71B |
| Other non-cash items | $1.21B | −$3.04B | $56.0M | $328.0M | −$82.0M | $146.0M | $488.0M | $106.0M | $2.10B | $1.17B |
| Cash from operating activities | $3.54B | $2.05B | $2.37B | $1.08B | $1.57B | $3.41B | $1.23B | $1.05B | $1.20B | $558.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.01B | −$931.0M | −$751.0M | −$762.0M | −$658.0M | −$540.0M | −$670.0M | −$617.0M | −$707.0M | −$875.0M |
| Investments (net) | $3.0M | $3.43B | −$942.0M | −$808.0M | −$714.0M | −$44.0M | −$62.0M | −$127.0M | −$68.0M | −$39.0M |
| Acquisitions & other investing | −$268.0M | $931.0M | $724.0M | $762.0M | $658.0M | −$1.02B | $113.0M | $629.0M | $796.0M | $484.0M |
| Cash from investing activities | −$1.27B | $3.43B | −$969.0M | −$808.0M | −$714.0M | −$1.61B | −$619.0M | −$115.0M | $21.0M | −$430.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$560.0M | −$423.0M | −$287.0M | −$307.0M | −$288.0M | −$987.0M | −$218.0M |
| Share repurchases & issuance (net) | −$1.44B | −$672.0M | −$200.0M | −$250.0M | −$2.0M | $185.0M | $22.0M | −$611.0M | −$40,000 | −$160.0M |
| Net borrowing (repayment) | −$96.0M | −$2.22B | −$172.0M | −$852.0M | −$349.0M | $477.0M | −$482.0M | −$289.0M | −$406.0M | $594.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$868.0M | −$793.0M | −$663.0M | −$119.0M | −$162.0M | $10.0M | $4.0M | $54.0M | $67.0M | $16.0M |
| Cash from financing activities | −$2.40B | −$3.69B | −$1.03B | −$1.78B | −$936.0M | $385.0M | −$763.0M | −$1.13B | −$1.33B | $232.0M |
| Summary | ||||||||||
| Net change in cash | −$136.0M | $1.79B | $370.0M | −$1.51B | −$82.0M | $2.18B | −$149.0M | −$200.0M | −$105.0M | $360.0M |
| Cash at end of period | $2.88B | $3.02B | $1.23B | $858.0M | $2.36B | $2.45B | $262.0M | $411.0M | $611.0M | $716.0M |
| Free cash flow | $2.53B | $1.12B | $1.62B | $321.0M | $910.0M | $2.87B | $563.0M | $432.0M | $493.0M | −$317.0M |
| Free cash flow margin | 11.9% | 5.4% | 7.9% | 1.7% | 4.7% | 16.3% | 3.0% | 2.4% | 2.6% | −1.6% |
| Capex / revenue | 4.7% | 4.5% | 3.7% | 4.0% | 3.4% | 3.1% | 3.6% | 3.4% | 3.7% | 4.5% |
| Operating cash flow / net income | 2.52 | 0.50 | 1.81 | 1.08 | 1.06 | 4.44 | 7.21 | 2.29 | — | 3.17 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $826.0M | $906.0M | $371.0M | $579.0M | $522.0M | $622.0M | $572.0M | $681.0M | $477.0M | $2.33B | $456.0M | $266.0M |
| Depreciation & amortization | $215.0M | $229.0M | $231.0M | $218.0M | $208.0M | $206.0M | $193.0M | $209.0M | $208.0M | $208.0M | $216.0M | $224.0M |
| Stock-based compensation | $44.0M | $25.0M | $25.0M | $38.0M | $20.0M | $21.0M | $15.0M | $16.0M | $19.0M | $17.0M | $18.0M | $15.0M |
| Change in working capital | −$127.0M | $493.0M | −$104.0M | $194.0M | $144.0M | −$29.0M | −$1.02B | $450.0M | $160.0M | $545.0M | $163.0M | −$72.0M |
| Other non-cash items | −$373.0M | −$12.0M | $208.0M | $29.0M | $42.0M | −$5.0M | −$92.0M | −$311.0M | −$117.0M | −$2.52B | −$29.0M | $70.0M |
| Cash from operating activities | $585.0M | $1.64B | $731.0M | $1.06B | $936.0M | $815.0M | −$331.0M | $1.04B | $747.0M | $586.0M | $824.0M | $503.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$168.0M | −$180.0M | −$364.0M | −$280.0M | −$193.0M | −$173.0M | −$330.0M | −$206.0M | −$145.0M | −$250.0M | −$208.0M | −$176.0M |
| Investments (net) | −$22.0M | −$4.0M | −$2.0M | −$385.0M | −$314.0M | −$187.0M | −$372.0M | $667.0M | −$194.0M | $3.33B | −$333.0M | −$169.0M |
| Acquisitions & other investing | −$13.0M | −$133.0M | −$23.0M | $280.0M | $193.0M | $173.0M | $330.0M | $206.0M | $145.0M | $250.0M | $208.0M | $176.0M |
| Cash from investing activities | −$203.0M | −$317.0M | −$389.0M | −$385.0M | −$314.0M | −$187.0M | −$372.0M | $667.0M | −$194.0M | $3.33B | −$333.0M | −$169.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$1.04B | −$318.0M | −$202.0M | −$93.0M | −$747.0M | −$348.0M | $672.0M | −$124.0M | −$270.0M | −$278.0M | −$110.0M | −$90.0M |
| Net borrowing (repayment) | −$12.0M | −$19.0M | −$27.0M | −$22.0M | −$16.0M | −$31.0M | −$24.0M | −$25.0M | — | — | — | −$35.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$125.0M | −$903.0M | −$205.0M | −$208.0M | −$233.0M | −$269.0M | −$1.02B | −$349.0M | $116.0M | −$2.38B | −$207.0M | −$89.0M |
| Cash from financing activities | −$1.18B | −$1.24B | −$434.0M | −$323.0M | −$996.0M | −$648.0M | −$372.0M | −$498.0M | −$154.0M | −$2.66B | −$317.0M | −$214.0M |
| Summary | ||||||||||||
| Net change in cash | −$797.0M | $84.0M | −$92.0M | $350.0M | −$374.0M | −$20.0M | −$1.07B | $1.21B | $399.0M | $1.25B | $174.0M | $120.0M |
| Cash at end of period | $2.17B | $2.97B | $2.88B | $2.98B | $2.62B | $3.00B | $3.02B | $4.09B | $2.88B | $2.48B | $1.23B | $1.05B |
| Free cash flow | $417.0M | $1.46B | $367.0M | $778.0M | $743.0M | $642.0M | −$661.0M | $839.0M | $602.0M | $336.0M | $616.0M | $327.0M |
| Free cash flow margin | 7.4% | 27.2% | 6.6% | 14.7% | 14.1% | 12.3% | −13.0% | 16.4% | 11.8% | 6.3% | 11.5% | 6.5% |
| Capex / revenue | 3.0% | 3.4% | 6.6% | 5.3% | 3.7% | 3.3% | 6.5% | 4.0% | 2.8% | 4.7% | 3.9% | 3.5% |
| Operating cash flow / net income | 0.71 | 1.81 | 1.97 | 1.83 | 1.79 | 1.31 | −0.58 | 1.53 | 1.57 | 0.25 | 1.81 | 1.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
THC cash generation
In fiscal 2025 (ended December 31, 2025), Tenet Healthcare generated $3.5 billion of cash from operations (up 72.9%) and spent $1.0 billion on capital expenditures, leaving free cash flow of $2.5 billion, 11.9% of revenue. It returned $1.4 billion to shareholders through dividends ($0) and net share buybacks ($1.4 billion). Cash and equivalents fell by $136.0 million over the year.
Related: THC income statement, THC balance sheet. See the THC stock overview for the latest quote and news.
THC cash flow FAQ
What is Tenet Healthcare's free cash flow?
Tenet Healthcare's free cash flow was $2.5 billion in fiscal 2025: $3.5 billion of operating cash flow minus $1.0 billion of capital expenditures It was $1.1 billion a year earlier..
How much cash does Tenet Healthcare generate from operations?
Tenet Healthcare generated $3.5 billion of cash from operating activities in fiscal 2025, 2.52 times its net income of $1.4 billion.
How much does Tenet Healthcare spend on capital expenditures?
Tenet Healthcare spent $1.0 billion on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $931.0 million the year before.
How much stock does Tenet Healthcare buy back?
Tenet Healthcare spent $1.4 billion on net share repurchases in fiscal 2025.